Nigeria’s GDP Forecasted to Grow By 3.1% in 2024 – FBNQuest Research

Nigeria’s GDP Forecasted to Grow By 3.1% in 2024 – FBNQuest Research
Lagos, Nigeria, February 2024 – FBNQuest, the investment banking and asset management
subsidiary of FBN Holdings Plc recently published the FBNQuest Research Economic Outlook
Report. The report indicates that Nigeria’s Gross Domestic Product (GDP) is projected to grow
by 3.1% in 2024.
The report outlines the firm’s perspective on the macro economy, socio-political
environment, and capital market featuring views on traditional asset classes (fixed income
and equities). It also includes expectations for the current year.
Market yields are expected to remain high this year, despite the current economic challenges.
This is due to factors such as the tight monetary policy that the Central Bank of Nigeria (CBN)
is expected to sustain, as well as a sizable supply of Federal Government of Nigeria (FGN)
paper which will be driven by domestic borrowings of around NGN6.1trillion naira.
Tunde Abidoye, Head of Equity Research at FBNQuest, stated that “despite the myriad
headwinds confronting the economy, such as low-single-digit GDP growth, high inflation
rates, and downward pressure on the naira exchange rates, the Government’s steadfast
commitment to policy reforms holds the potential to yield favorable economic outcomes.”
He underscored that the proposed tax reforms’ implementation is poised to incrementally
elevate non-oil revenue from its current sub-5% of GDP to the high single digits. Ultimately,
this trajectory aligns with the Federal Government’s medium-term objective of reaching 8%
non-oil revenue as a proportion of GDP.
We need strong policy interventions and concerted efforts to strengthen tax compliance and
encourage investments, especially at the base level, for increased business productivity and
sustainability. he added.
In light of the rich valuation levels in the equity market, FBNQuest anticipates a correction in
the equity markets in the next few months, with an expected market return of approximately
10% in 2024.
To access the full report, please visit: www.fbnquest.com
About FBNQuest
FBNQuest is the unified brand identity for the Merchant Banking and Asset Management
businesses of FBN Holdings Plc and part of the strong heritage of one of the leading financial
service groups in sub-Saharan Africa. Over the past ten years, we have grown from an
investment banking boutique to a full-service investment bank and asset management group.
At FBNQuest, we are committed to providing innovative banking solutions for our diverse
customer base, including corporate organisations, governments, institutional investors,
financial institutions, affluent and high net-worth individuals. We offer a broad range of
solutions to our clients through our various businesses. We arrange finance through the Bank

and capital markets, provide strategic advice, trade/broker securities across asset classes,
develop investment solutions, secure assets and ensure wealth creation and preservation.
FBNQuest is a leading Merchant Banking and Asset Management group in Sub-Saharan Africa
that delivers a wide range of financial services through various businesses – Corporate and
Investment Banking, Investment Management (Asset Management, Alternative Investments,
Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income,

Currencies & Treasury and Equities).


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